Ethereum Stops Above $1,600 Due To Break Of Recent High

The price of Ethereum (ETH) has moved back above the $1,608 support level or the 21-day line SMA.

Long-term analysis of the Ethereum price: bullish

After experiencing rejection at the recent high, the largest altcoin is now falling again. Buyers were unable to sustain upward momentum above the $1,700 level on February 2. Since February 2, the cryptocurrency value has lost value. If the price stays above the moving average lines, Ether will move up and retest the $1,700 barrier. If the price breaks the $1,700 resistance level and the bullish momentum continues, the uptrend will resume. Ether will rise to a high of $1,800 or $2,000. However, if the Ether price breaks below the 21-day line SMA, it will continue to fall until it reaches its previous bottom. The most valuable altcoin will eventually reach a low of $1,352 and then $1,500.

Analysis of the Ethereum indicator

At the 59 level of the Relative Strength Index for the 14 period, Ether is in the positive trend zone. After the retracement, the price bars are still above the moving average lines. This indicates a potential upward movement. Below the Stochastic value of 25 on the daily basis, the altcoin is experiencing bearish momentum.

Technical indicators:

Key resistance levels – $2,000 and $2,500

Key support levels – $1,800 and $1,300

What is the next direction for Ethereum?

Ether is currently bearish because it has crossed the moving average lines. The conclusion is that the altcoin needs to move in a range for a few days. If the price falls below the moving average lines, the selling pressure may return.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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